Reno Real Estate


Reno residential real estate prices have been one of the hardest hit since the burst of the real estate bubble in 2006.  By late 2005 the median price for both new and existing homes had risen to over $350,000.  By late 2011, approximately six year later, the median price of a resale home was $155,400.  During the first part of that period was the most precipitous decline in both number of sales and price, but by the end of the recession (May 2009) sales begin picking up to historically normal levels and the median price decline begin to flatten moving from $175,000 to $155,400 over  a 31 month period.  Between April and December of 2011, the median price on a monthly basis bounced in the narrow range of $148,000 and $156,125.  This nine month flattening may well shape the bottom of a trough everyone has been anticipating.

Reno residential real estate as a consequence is extremely affordable.  At an area median household income of around $55,000, such families can afford a median priced home or more.  Primarily occupants, but also a fair number of investors, have been taking advantage of this reasonably priced housing.  In 2011 there were 5,899 resales, the 2nd highest number in history, and it is anticipated that 2012 will be a similar year.

With such activity in the resale market and sometimes a limited supply, the new home market is also on a rebound.   New homes typically are running in the price range from somewhat below $200,000 to around $250,000, which is about $50,000 more than a comparable resale.  As a matter of fact 84% of all homes sold have been under $250,000.  The enthusiasm of new home buyers supports that new homes are well worth the price difference – everything is new and part of their dream, new homes reflect the latest design, technology and energy efficiency, some can even be customized and the new communities even have a warm sparkle.